The Central Bank of Nigeria (CBN) has given a directive on the disposal of Non-Permissible Income (NPI) for Non-Interest Financial Institutions (NIFI). This was disclosed by the CBN in a statement signed by the Director, Financial Policy and Regulation, Chibuzo Efobi, said the guidelines were issued as part of efforts to standardise the treatment and disposal of NPI by NIFI in the country. The statement addressed to all Non-Interest Financial Institutions, said the NPI shall be put in a dedicated NPI account and shall not be mingled with the funds of non-interest banks. It reads: “In line with…
Author: Temitope N.
Bitmain, a Chinese manufacturer of cryptocurrency mining equipment, has been directed to stop its business in China beginning from Oct. 11 following the crypto ban imposed by local authorities. In addition to China’s blanket ban on crypto operations, the company has attributed the move to stop shipping Bitcoin (BTC) and cryptocurrency mining rigs as a response to China’s carbon-neutral policies. According to Bitmain’s announcement: “From October 11, 2021, Antminer will stop shipping to mainland China. For customers in mainland China who have purchased long-term products, our staff will contact them to provide alternative solutions.” While the company is yet to…
The Nigerian National Petroleum Corporation on Sunday has beckoned on Petroleum Tanker Drivers to, in the interest of Nigerian people, call off its planned strike action. A statement by Garba Deen Muhammad who is the Corporation’s Group General Manager, Group Public Affairs Division, noted that the strike is about the condition of roads in various parts of Nigeria which are used for the distribution of goods and services including petroleum products. In the report, even though it is not the responsibility of the NNPC to build or rehabilitate roads, any disruption in the distribution of petroleum products to different…
The Nigeria Employers Consultative Association (NECA) says the nation’s debt profile is worrisome and unsustainable for the economy. Timothy Olawale, NECA director-general, according to Vanguard, said this during the weekend, advising the federal government to adopt the public-private-partnership (PPP) approach to carry out infrastructural developments. Earlier in September, the Debt Management Office (DMO) announced that Nigeria’s total public debt (federal and state governments) rose to N35.46 trillion at the end of the second quarter (Q2) of 2021 — an increase of N2.3 trillion in three months. Lai Mohammed, minister of information and culture, had defended the federal government’s borrowing plans,…
The Governor of the Central Bank of Nigeria (CBN), Mr Godwin Emefiele, has said the country’s infrastructure has to increase by at least between five and seven per cent for it to stimulate productivity and sustainable growth for businesses. Mr Emefiele who was represented by the apex bank’s Director of Corporate Communication, Mr Osita Nwasinobi, made this disclosure in his keynote address at the Finance Correspondents Association of Nigeria’s (FICAN) 30th-anniversary conference and awards which had the theme: “Financing Infrastructure and SMEs for Inclusive Growth in the Post-COVID-19 Economy,” in Lagos on Saturday. He expanciated that although the Micro, Small,…
The Minister of Finance, Budget and National Planning, Dr Zainab Ahmed, has come out to explain that the lack of adequate revenue to finance both human and capital infrastructure is the major problem of Nigeria, not the current debt it owes. Dr zainab Ahmed made the remarks at the Public presentation and Breakdown of the Highlights of the 2022 Appropriation Bill to justify the current level of the federal government borrowing to finance the deficit of the budget. She established that with the federal government expected to spend N16 trillion in the proposed 2022 Budget, its expenses are minute to…
The Nigerian Government has agreed that all visitors entering Nigeria, including the partially vaccinated and unvaccinated are required to do COVID-19 PCR tests on days 2 and 7 after arrival, while fully vaccinated people, will not be required to undergo 7 days isolation, but just a COVID test after 2 days. This was made known by the Chairman, Presidential Steering Committee (PSC) on COVID-19 and Secretary to the Government of the Federation, Mr Boss Mustapha, in a statement on Friday. They added that the protocol would be effective from Monday, October 25, 2021. Unvaccinated and partially vaccinated in-bound passengers will also be…
The National Bureau of Statistics (NBS) has unveiled that Nigeria maintained an inflation decline for about seven months, due to the introduction of policies by the government which impacted positively on most of the commodities. This disclosure was made by Mr Simon Harry, Statistician-General of the National Bureau of Statistics (NBS), at a news briefing in Abuja on Friday. He praised the Federal Government’s policies, which he said, reflected in the improved consumer price index. “Government is very conscious of the effects of the COVID-19 that have impacted negatively on the economy and as result, the economic sustainability plan that was…
The Central Bank Governor, Godwin Emefiele has established that Nigeria’s import of petroleum products using 30% of its forex can be reversed by the successful commencement of operations at the Dangote Refinery. Emefiele made this known during a foreign investors’ meeting held in New York while answering a number of questions raised by foreign investors. The questions hovered around Nigeria’s foreign exchange reserves, exchange rate, balance of payments and the country’s increasing foreign debts. The CBN Governor stated that the commencement of the Dangote refinery will be a major saver of foreign exchange for Nigeria, while also insisting that Nigerians…
The Kogi State government has beckoned on the Economic and Financial Crimes Commission (EFCC) to apologize to the state over an alleged N20 billion bailout fund it sought a court order to freeze. The Lagos division of the Federal High Court on Friday granted EFCC’s application to discontinue the case against the Kogi State government. In the report, the anti-graft commission withdrew the suit that sought the state government to forfeit the N20 billion bailout fund meant for payment of salaries in the state. A Lagos High Court on August 31, 2021 froze Kogi State government’s account domiciled in Sterling…
The Lagos State Government has finalized plans to enrol at least 3 million residents into the state’s health insurance scheme within the next one year. This is part of the state government’s effort aimed at providing access to health to the over 24 million people living in the state in terms of improved financing and delivering of quality healthcare especially in the face of the recent Covid-19 pandemic which exposed the poor state of the health sector across the country. This was established by the General Manager of the Lagos State Health Management Agency (LASHMA), Dr Emmanualla Zamba, on…
The new administration the united States of America led by Joe Biden, has announced that the United States will be donating 17 million doses of the Johnson & Johnson vaccine to the African Union, thus bringing the total vaccine donation by America to the African continent to 67 million doses. Recall that prior to this, the United States had donated 50 million doses to the African Union to be distributed amongst the 55 countries under to the AU, including some of the world’s poorest countries, according to Reuters. The 17 million Johnson & Johnson doses are expected to be…
In line with the WHO epidemiological report, Covid-19 deaths, last week, fell to their lowest level in almost a year at almost 50,000 fatalities. Despite the weekly consecutive reduction in Covid-19 deaths reported across the world except in Europe, vaccine inequities in developing countries is still a matter of great concern to the health organization. The WHO Director-General, Dr. Tedros Ghebreyesus disclosed recently that 56 countries, most of which belong in the African region, did not reach the 10% population vaccination benchmark required by the WHO by September ending. Reported deaths have been highest in countries with the least access…
The Delta State Government, through the State Executive Council (EXCO), has proposed the sum of N469.4 billion for the 2022 fiscal year, while Internally Generated Revenue (IGR) from the projected budget is expected to be N75 billion to N80 billion. This was established by the Commissioner for Information, Mr Charles Aniagwu, and Economic Planning State Executive, Dr Barry Pere-Gbe, on Thursday, in Asaba after the EXCO meeting, according to the News Agency of Nigeria. The State Government revealed that it had arrived at the N469.4 billion mark after a thorough review of the initial N425 billion indicative budget size earlier…
The Central Bank of Nigeria (CBN) has disclosed that it will continue to fund railway developments in Lagos State, despite the fact that N45 billion has already been disbursed for the state’s Blue Line project. Yusuf Philip Yila, Director, CBN Development Finance, announced this in Lagos yesterday during an inspection of the Blue Line project operated by the Lagos Metropolitan Area Transport Authority (LAMATA). CBN conducted the inspection to monitor and evaluate the project’s progress, according to Yila, who was given a tour of the Marina. The Blue Line is a 27-kilometre stretch from Okokomaiko to Marina being constructed in…
Muhammad Nami, the Executive Chairman of the Federal Inland Revenue Service, has actively criticized the current stamp duty and capital gain tax collection system for its inefficiency. Nami disclosed this at the 2021 tax week opening event of the Chartered Institute of Taxation of Nigeria, in Abuja on Thursday. Insecurity, a high currency rate, and the impact of COVID-19 have all hampered the government’s efforts to increase revenue, according to the FIRS boss. On his part, the Accountant General of the Federation, Ahmed Idris, who was represented by Salawu Zubair, stated that there was a need for the country to…
Nigeria’s headline inflation in the month of September 2021, slides down further to 16.63% compared to 17.01% recorded in the previous month. This is in line with the recently released CPI report for the month of September, by the National Bureau of Statistics (NBS) In this report, the consumer price index, which measures the rate of inflation rose by 16.63% year-on-year in the review month. This represents 0.38% point decrease compared to 17.01% recorded in August 2021. Food inflation, which is a closely watched index also dropped to 19.57% in September from 20.3% recorded in the prior month while…
Apple is expected to cut its anticipated iPhone 13 production targets for 2021 by up to 10 million units due to ongoing chip shortages, according to Bloomberg. The company was Initially expected to produce 90 million units of the new iPhone models by the end of this year. Because chip suppliers like Broadcom Inc and Texas Instruments are having trouble delivering components, Apple informed its manufacturers that the number of units will be reduced. Apple’s capacity to supply new models to consumers has already been hampered by the shortages. The iPhone 13 Pro and iPhone 13 Pro Max were released…
Nigerian property technology startup, Rent Small Small has been chosen to join the prestigious Techstars Toronto accelerator, beginning in October making it the first African property technology platform selected to join the program. The 13-week accelerator program, which will select early-stage startups from around the world, will begin on October 18, 2021, and will conclude with a demo day pitch to Techstars investors. It gives businesses access to a vast pool of global talent and investors, as well as essential skills, resources, and connections. Meanwhile, the Techstars Toronto Accelerator Program provides early-stage startups from across the world with mentorship and…
Sparkle, a Nigerian digital bank has raised $3.1 million in a seed funding round to scale operations. The round was led by Leadway Assurance with participation from Trium Network and a few unnamed high-net-worth individuals. The investment comes after Sparkle closed a friends and family pre-seed round of $2 million within the past year. Since its inception last year, the neobank has amassed over 40,000 personal banking users and 2,000 businesses. The company began collecting small fees to individual users to keep their accounts operating and aims to charge companies for most functions except taxation services. In April, the company…